TSX-V-listed project generator Kenorland Minerals has signed a definitive agreement with Centerra Gold, granting the midtier producer the right to earn up to a 70% interest in three of Kenorland’s exploration-stage assets in north-western Ontario: the Flora, Western Wabigoon, and Algoman projects.

Under the agreement, Centerra, through its subsidiary Thompson Creek Metals, can earn an initial 51% interest by spending C$10-million on exploration over three years, including C$3.5-million in the first year. The earn-in commitment also requires a minimum of 10 000 m of diamond drilling.

Upon vesting the initial stake, Centerra may elect to earn a further 19% interest by completing a preliminary economic assessment (PEA) outlining a resource of at least one-million ounces of gold equivalent within seven years. During this second option period, Centerra must spend at least C$100 000 a year or make equivalent payments to Kenorland.

If Centerra does not pursue the second option, a 2% interest will revert to Kenorland, giving it a 51% controlling interest in the projects.

If both options are exercised, Kenorland would retain a 30% free-carried interest through to the completion of a preliminary feasibility study (PFS). After the PFS stage, both companies would contribute on a pro-rata basis to project development costs under a joint venture (JV). If either party's stake is diluted below 10%, it would convert to a 1% net smelter return royalty.

During the first option period, Kenorland will act as operator and receive a 15% management fee on applicable expenditures.

SUMMER 2025 EXPLORATION PROGRAMMES

The Flora project is located in the Western Wabigoon subprovince of the Superior province and transected by the Wabigoon Fault. The 2024 glacial till geochemical programme collected 2 600 samples and identified two key targets — F1 and F2 — with strong gold anomalies.

The 2025 programme will include airborne magnetic and VLF-EM surveys, tighter-spaced till sampling, and gold grain analysis over the F1 anomaly. Follow-up work will also be conducted on the F2 anomaly.

Covering structurally complex greenstone terrain, the Western Wabigoon project includes significant deformation zones such as the Pipestone-Cameron and Manitou-Dinorwic faults. A 2 800-sample till programme in 2024 outlined a 19 km gold-in-till anomaly. Three targets have been defined. Kenorland plans further till and HMC sampling and geophysical surveys across these zones in 2025.

The Algoman project spans 75 km of strike length along the Rainy Lake–Seine River Fault, a major structural boundary with known mineralisation. In 2024, more than 3 600 geochemical samples were collected, defining two gold-in-till anomalies — A1 and A2 — along the Quetico and Marmion faults.

Further HMC till sampling for gold grain analysis is planned over both trends in 2025.